Overseas investment decision for case 202200212 - Pan Pac Forest Products Limited

The Applicant is a fully integrated forest products company. Its business includes growing, processing and marketing timber. The Applicant produces lumber at its Whirinaki and Milburn processing plants.

The Applicant has been granted a standing consent for forestry activities, to allow it to acquire and continue to operate existing production forests. The standing consent is limited to:

• existing production forest, excluding farm land and residential land only;
• no more than to be 10,000 hectares of land;
• no more than 2,500 hectares per transaction;
• up to 25 transactions;
• land in the following regions: Taranaki, Manawatu-Whanganui, Bay of Plenty, Taupo, Rotorua, Hawkes Bay (excluding Wairoa District), Wellington, Canterbury (excluding Hurunui District and Kaikoura District), Otago, and Southland;
• the standing consent cannot be used to acquire an investment in a strategically important business; and 
• transactions must be entered into by three years from the consent date and be completed by 12 months from the entered into date. 
• acquiring forestry rights over up to 23,709 hectares of land in the Hawkes Bay Region over which you have a Crown forestry licence on the decision date.

Consent was granted as the Applicant met the investor test criterion, the Applicant has demonstrated the conditions of the standing consent were likely to be met, the Applicant has adequate processes in place to meet the requirements of the special forestry test and the Applicant has a strong track record of compliance.